Medicaid is the government-funded program that pays nursing home care only for individuals who are low income and who have spent most of their assets.
What does Medicaid cover?
Medicaid pays for nearly a third of all nursing home care in the U.S., but many people who need long term care never qualify for Medicaid assistance.2 Medicaid recipients may also be required to pay for nursing home care out of their own funds and "spend down" their income until they are eligible for Medicaid.
Covering the gap
Medicaid may not be an appropriate solution for you. Long term care insurance can provide more choices and gives you the flexibility to meet your long term care needs. See how Genworth can provide a comprehensive long term care insurance policy.
*Individual stories and quotes are fictitious and are used for demonstrative purposes only.
1 Long Term Care Claims Experience Data for Genworth Life Insurance Company, Genworth Life Insurance Company of New York, and affiliates - December 1974 through December 2015.
Long Term Care Insurance is underwritten by Genworth Life Insurance Company, Richmond, VA
This is a solicitation of insurance for policy form series 7052, 8000 or 8001. Policy form number may be followed by the state's two letter abbreviation, for example, 8000DE, 8000GA, 8000ID, 8000NC, 8000OK, 7052OR or 8000OR, 8000PA, 8000SC, 8000TN, 8000WA, 8000WY. Not all policies are available in all states. Details about the cost, benefits, limitations and exclusion of these long term care insurance policies will be provided to you by a licensed insurance agent/producer. By responding, an insurance agent/producer will contact you.
I never thought I could afford insurance for long term care. But when I considered what funding care myself could cost, insurance was really the affordable, sensible approach.*”
Did you know?
Over $13 Billion: Total Claims paid by Genworth's long term care insurance business since 19741.